I just received a pre-qualified letter from Bank Of Ameria for a credit card with 0% interest until April 05. My initial instince it to shread it because I won't qualify but I'm asking this community what they think I should do. According to mycreditkeeper.com my current scores are Equifax 574 Experian 576 TransUnion 596 I have one account that shows it was a collection agency which I paid in full. According to the head manager there he is having all records deleted from the CRA's I had some late payments 5 months ago on two cards and there is still a Charge off showing from Amex. I am using over 50% of the limit on one card (it's a 300.00 limit) that I pay down at the end of the month to under 100 (I think I should pay it at the end so it shows low when they report) I am listed as an Authorized user on two of my parents' cards. One is showing and has showing for three months. It is reporing as 3140 used on 10,000 limit. The card that I am an authrosided use is also a Bank Of America card. I am waiting for the other card to start showing on my report. I have to apply by October 18th so I'm thinking of waiting for the collection acount to go away like they promised. I want this card for 3 reasons 1) My only credit card has a 300.00 limit and I charge about 200 a month on it because of how my pay cycle falls. I get two checks a month, one I live on, the other I use to pay my car payment, utility bills, and rent to my parents 2) The fact that I am using 200 of the 300 a month means I have high utilization on one card and if I had a second card to spread it around on it would look better 3) It would feel good to get a no anual fee card rather than the Orchard bank card I'm paying 99 a year for now. So should I apply?
i wouldnt , but what the hek.. your credit scores are so low (no offense they are) that 1 inquiry isnt going to hurt them that much more !
